Vojislav Maksimovic

Robert H. Smith School of Business
University of Maryland

College Park, MD 20742
E-mail:  vmax@rhsmith.umd.edu
Phone:  (301) 405 2125
Fax:      (301) 405 0359

CV-pdf version

 


Education

Ph.D. in Business Economics, Department of Economics and Graduate School of Business Administration, Harvard University, 1986. 
M.Sc. in Mathematical Economics and Econometrics, London School of Economics, University of London, 1977. 
B.Sc.(Econ.) in Mathematical Economics and Econometrics, London School of Economics, University of London, 1976. 

Professional Employment Record

2013 - present William A. Longbrake Chair in Finance, Robert H. Smith School of Business, University of Maryland.
2011 - present Department Chair. Department of Finance, Robert H. Smith School of Business, University of Maryland.
2007 - 2013 Dean's Chair in Finance, Robert H. Smith School of Business, University of Maryland.
2000 - 2007 Bank of America Professor of Finance, Robert H. Smith School of Business, University of Maryland.
1992 - 1999 Associate Professor, Robert H. Smith School of Business, University of Maryland.

1991 - 1992

Associate Professor, Faculty of Commerce, University of British Columbia.
1985 - 1991 Assistant Professor, Faculty of Commerce, University of British Columbia.
1983 - 1985 Instructor, Department of Economics, Harvard University
1980 - 1983

Teaching Fellow, Department of Economics, Harvard University.


 

Visiting Appointments

2005 - present Visiting Professor of Finance, Imperial College of Science and Technology, University of London.
2003 - 2004

Visiting Professor of Finance (International Appointment), University of Oxford.

1989 Visiting Assistant Professor, College of Business, University of Maryland.
1980

Temporary Economist, International Monetary Fund.


Research Interests

Corporate Finance (Empirical and Theoretical), Economics of Organizations, and Microeconomics, Industrial Organization, Competitive Strategy, and  International Corporate Finance.


Publications

V. Maksimovic, Phillips G, and L. Yang,  "Post-Merger Public and Private Merger Waves" Journal of Finance, 2013, 2177-2217.

 

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic,  Are Innovating Firms Victims or Perpetrators? Tax Evasion, Bribe Payments and the Role of External Finance in Developing Countries.", Journal of Financial and Quantitative Analysis, forthcoming.

 

V. Maksimovic, Phillips G, and N.R. Prabhala,  "Post-Merger Restructuring and the Boundaries of the Firm" , Journal of Financial Economics, 2011, 317-343.

 

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, “What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects”, Journal of Financial Econometrics, 2013, 610-649.

 

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, “Formal versus Informal Finance: Evidence from China,” Review of Financial Studies, 2010, 3048-3097.

 

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition," Journal of Financial and Quantitative Analysis, 2011, 1545-1580.

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic,  “How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights?” Review of Financial Studies, 2008, 1831-1871.

Beck, T. Demirguc-Kunt, A., and V. Maksimovic, “Financing Patterns Around the World: The Role of Institutions,”  Journal of Financial Economics, 2008, 467-487. 

Ayygagri, M., Demirguc-Kunt, A., and V. Maksimovic, 2008, "How Important Are Financing Constraints? The Role of Finance in the Business Environment" World Bank Economic Review, 2008, 22, 483-516.

Maksimovic V. and G. Phillips, "The Industry Life Cycle, Acquisitions and Investment: Does Firm Organization Matter?"  Journal of Finance, 2008, 673-709.

Maksimovic, V., and P. Pichler, "Structuring the Initial Offering: Who to Sell To and How To Do It'', Review of Finance, 2006, 1-36.

Beck, T. Demirguc-Kunt, A., and V. Maksimovic, “The Influence of Finanical and Legal Institutions on Firm Size ", Journal of Banking and Finance, 2006, 2995-3015. 

Demirguc-Kunt, A., Love, I., and V. Maksimovic, 2004, "Business Environment and the Incorporation Decision", Journal of Banking and Finance, 2006. 

Beck, T. Demirguc-Kunt, A., and V. Maksimovic, “Financial and Legal Constraints to Firm Growth: Does Firm Size Matter?”Journal of Finance, 2005, 137-177.  

Beck, T. Demirguc-Kunt, A., and V. Maksimovic, “Bank Competition, Financing and Access to Credit", Journal of Money, Credit and Banking, 2004, 627-648. 

Demirguc-Kunt, A., and V. Maksimovic, '' Funding growth in bank-based and market-based financial systems: evidence from firm-level data”, Journal of Financial Economics 2002, 337-363.

Maksimovic V. and G. Phillips, "Do Conglomerate Firms Allocate Resources Inefficiently? Evidence from Plant-Level Data", Journal of Finance. 2002, 721-767.

Maksimovic V. and G. Phillips, "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales, and are There Any Gains?”  Journal of Finance 2001, 2020-2065. Reprinted in J. Harold Mulherin (ed.), 2004, "Mergers and Corporate Governance" (Critical Writings in Financial Economics Series), (Edward Elgar Publishing).

Maksimovic, V., and P. Pichler, "Technological Innovation and Initial Public Offerings'', Review of Financial Studies, 2001, 459-494.

Booth, L., Aivazian,  A, Demirguc-Kunt, A., and V. Maksimovic, "Capital Structures in Developing Countries'', Journal of Finance, 2001, 87-130.

Maksimovic, V., Stomper A., and J. Zechner, "Capital Structure, Information Acquisition and Investment Decisions in Industry Equilibrium'', European Finance Review, 1999, 251-271.

Demirguc-Kunt, A., and V. Maksimovic, "Institutions, Financial Markets, and Firms Debt Maturity", Journal of Financial Economics, 1999, 295-336.

Demirguc-Kunt, A., and V. Maksimovic, ''Law, Finance, and Firm Growth'', Journal of Finance, 1998, 2107-2137. Reprinted in Diane Denis and John McConnell (eds.), 2004, "Governance: An International Perspective" (Corporate Governance in the New Global Economy Series),  (Edward Elgar Publishing)

Maksimovic V., and G. Phillips, "Asset Efficiency and Reallocation Decisions of Bankrupt Firms", Journal of Finance, 1998, 1495-1532.

Cadsby B., M. Frank and V. Maksimovic, "Equilibrium Dominance in Experimental Financial Markets", Review of Financial Studies, 1998, 189-232.

Demirguc-Kunt, A., and V. Maksimovic, "Stock Market Development, and Firm Financing Choices", World Bank Economic Review, 1996, 341-371.

Maksimovic, V., and H. Unal, "Issue Size and Underpricing in Thrift-Mutual-to-Stock Conversions", Journal of Finance, 1993, 1659-92.

Maksimovic, V., and J. Zechner , "Debt, Agency Costs and Industry Equilibrium'', Journal of Finance, 1991, 1619-1645. Reprinted in Michael J. Brennan (Editor), The Theory of Corporate Finance (International Library of Critical Writings in Financial Economics), (Edward Elgar Publishing).

Maksimovic, V. and S. Titman, "Financial Policy and Reputation for Product Quality'', Review of Financial Studies, 1991, 175-201.

Maksimovic, V., "Product Market Imperfections and Loan Commitments'', Journal of Finance, 1990, 1641-1655.

Kim, M. and V. Maksimovic, "Technology, Debt and the Exploitation of Growth Options'', Journal of Banking and Finance, 1990, 1113-1131.

Cadsby, B., M. Frank and V. Maksimovic, "Pooling, Separating and Semi-Separating Equilibria in Financial Markets: Some Experimental Evidence'', Review of Financial Studies, 1990, 315-343.

Eckbo, E., V. Maksimovic and J. Williams, "Truncation Bias and Cross-Sectional Estimates in Event Studies: Econometric Issues with an Application to Horizontal Mergers'', Review of Financial Studies, 1990, 343-367.

Kim, M. and V. Maksimovic, "Debt and Input Misallocation'', Journal of Finance, 1990, 795-816.

Maksimovic, V., G. Sick and J. Zechner, "Comment on: `Forward Markets, Stock Markets and the Theory of the Firm','' Journal of Finance, 1989, 525-528.

Maksimovic, V., "Capital Structure in a Repeated Oligopoly'', Rand Journal of Economics, 1988, 389-407.

Brennan, M.J., V. Maksimovic and J. Zechner, "Vendor Financing'', Journal of Finance, 1988, 1127-1141


Papers Under Review

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic,  "Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises"".


Completed Working Papers

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, 2013, "Size and Age of Establishments: Evidence from Developing Countries"  

Ball, C., Hoberg, G., and V. Maksimovic, 2013, "Disclosure and Firm Separation: A Text-Based Examination"  

Makaew, T., and V, Maksimovic, 2013, "Industry Shocks, Operating Risk, and Financial Policies Around the World"  

Hoberg, G., and V. Maksimovic, 2012, "Redefining financial constraints: A Text-Based Analysis"  

Frank M. and V. Maksimovic, 2004, "Trade Credit, Adverse Selection and Collateral''  

 

Books and Book Chapters

Maksimovic V., and G. Phillips, 2013, “Conglomerate Firms, Internal Capital Markets and the Theory of the Firm,” in Annual Review of Financial Economics, Vol 5 . ed., A.W. Lo and R.C. Merton, 225-244..

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic,, 2012, “Financing of Firms in Developing Countries: Lessons from Research," in Handbook of Finance: Empirical Corporate Finance . eds., Constantinedes, G., Harris, M., and R. Stulz, North-Holland, Amsterdam,forthcoming.

Maksimovic V., and G. Phillips, 2007, “Conglomerate Firms and Internal Capital Markets,” in Handbook of Corporate Finance: Empirical Corporate Finance . ed., B. Espen Eckbo, North-Holland, Amsterdam 423-477.

Thorsten Beck, Asli Demirguc-Kunt, Ross Levine and Vojislav Maksimovic, “Financial Structure and Economic Development: Firm, Industry, and Country Evidence,” in Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, eds. Asli Demirguc-Kunt and Ross Levine, Cambridge , MA: MIT Press, 2004.

Jarrow, R., Maksimovic, V. and W. Ziemba (eds.), 1995, Finance, Handbooks in Operations Research and Management Science, Vol. 9, North-Holland, Amsterdam (960 pages)

Maksimovic, V., 1995, "Financial Structure and Product Market Competition,'' in Finance, Handbooks in Operations Research and Management Science, Vol. 9, North-Holland, Amsterdam, 887-920.

Maksimovic, V. and J. Zechner, 1992, "Vendor Financing'' in Peter Newman, Murray Milgate, John Eatwell (Eds.) in The New Palgrave Dictionary of Money & Finance, Stockton Press.


Research Grants Received

2009-2012: National Science Foundation Research Grant (U.S) #SES-0924902/3, "Collaborative: Tax Evasion and Corruption Around the World? Are Firms Victims or Perpetrators?" ($224,168), with Meghana Ayyagari.

2008-2010: National Science Foundation Research Grant (U.S.) #SSES-0823319, "Innovative Activity and Organizational Choice of Entrepreneurial Firms,'' ($349,259), with Brent Goldfarb and Gordon Phillips.

2006-2009: National Science Foundation Research Grant (U.S.) #SES-0550573/454, "Legal Institutions and Doing Business: A Cross-Country Analysis," ($176,585), with Meghana Ayyagari.,

2002-2005: National Science Foundation Research Grant (U.S.) #SES-021804, "Firm Organization, Technology Adoption and Merger and Acquisition Activity.'' ($287,882), with Gordon Phillips.

1999 Graduate Research Board Semester Award, University of Maryland.

1997-1999: National Science Foundation Research Grant (U.S.) #SBR-9709427, "Asset Sales and Conglomerates,'' ($166,000), with Gordon Phillips.

1992-95: Social Science and Humanities Research Grant (Canada), "Agency Problems in Industry,'' ($68,000).

1991-94: Social Science and Humanities Research Grant (Canada), "Experimental Tests of Information Models in Corporate Finance,'' ($58, 357).

1991-94: Social Science and Humanities Research Grant (Canada), "Capital Budgeting -- Theory and Tests,'' ($33, 268).

1990-92: Social Science and Humanities Research Grant (Canada), "Asymmetric information Models in Corporate Finance,'' ($27, 089).

1988-90: Social Science and Humanities Research Grant (Canada), "A Test of Financial Structure Models'' ($24,012).
 


Academic Awards

1990 Financial Executives Canada Award for Best Paper in Corporate Finance at NFA Meetings (with C. Bram Cadsby and M. Frank).

1992 Nomination for the Smith Breeden Prize for the Best Paper in the Journal of Finance: "Debt, Agency Costs and Industry Equilibrium. '

1999 Nomination for the Smith Breeden Prize for the Best Paper in the Journal of Finance: "Asset Efficiency and Reallocation Decisions of Bankrupt Firms."

2000 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: ''Law, Finance, and Firm Growth.”

2003 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: "Do Conglomerate Firms Allocate Resources Inefficiently? Evidence from Plant-Level Data.”

2003 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales, and are There Any Gains?”


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